03 Financial Statements
NOTE 18: CONTRIBUTED EQUITY

Note 18: Contributed Equity

Equity from CEFC Special Account

The Department of the Treasury maintains the CEFC Special Account established in accordance with section 45 of the CEFC Act.

2015

$'000

2014

$'000

Appropriations credited to the CEFC Special Account maintained by the Department of the Treasury

2,000,000

2,000,000

Funds drawn / (returned) during the year as an equity contribution / (return) from / (to) the CEFC Special Account maintained by the Department of the Treasury

(50,600)

1,131,600

Restructuring of Administrative Arrangements

In accordance with an instruction received from the Australian Government, as part of a restructuring of administrative arrangements, another Australian Government controlled entity - LCAL - relinquished the following net assets to the CEFC for $Nil consideration (refer also Note 12).

LCAL de-registered by the Australian Government as advised in the 2014-15 Environment Portfolio Budget Statement. This accorded with the recommendation abolition of LCAL in the report of the National Commission of Audit – Towards Responsible Government. On 1 August 2014, the Hon. Greg Hunt MP as representative of the sole Member of the Company and the Responsible Minister of LCAL wrote to the LCAL Board directing it to expeditiously complete winding-up. LCAL was accordingly de-registered as of 17 December 2014.

The Clean Energy Finance Corporation (CEFC) invests commercially to increase the flow of funds into renewable energy, energy efficiency and low emissions technologies. The CEFC has supported projects across the Australian economy, benefitting a diverse range of businesses, large and small. The CEFC’s mission is to accelerate Australia's transformation towards a more competitive economy in a carbon constrained world, by acting as a catalyst to increase investment in emissions reduction. The CEFC does this through direct investments which attract private sector finance, as well as through its strategic co-financing partners. The CEFC was created by the Australian Government and operates under the Clean Energy Finance Corporation Act 2012. More information is available on the CEFC website: www.cleanenergyfinancecorp.com.au